Goldcorp Suspends Operations at Los Filos

Goldcorp’s Los Filos mine in Mexico is a combined open pit-underground operation that employs more than 2,600 people. The company recently suspended work at the site due to failed negotiations with a local landowners’ association over a land occupancy agreement. (Photo courtesy of Goldcorp)

Goldcorp announced in early April that it had suspended operations at its Los Filos mine in Guerrero state, Mexico, following unsuccessful efforts to reach a negotiated settlement with Carrizalillo Ejido to renew the occupancy agreement that expired on March 31. Certain activities related to environmental safeguards and site security were continuing during the suspension.

Carrizalillo Ejido is the local landowners’ association. Discussions between Goldcorp and Ejido representatives to resolve the situation were ongoing, Goldcorp stated, with Goldcorp looking to ensure the long-term sustainability of operations amid a lower gold price environment and significantly higher Mexican tax obligations.

Los Filos is a combined open-pit/underground operation. The mine directly employs more than 2,600 people from the surrounding communities, with an estimated 10,000 additional jobs created as a result of its presence in the region.

In 2013, Los Filos produced 332,400 oz of gold at all-in sustaining costs of $1,002/oz. Full-year gold production during 2014 had been projected at 330,000 to 345,000 oz.

As of year-end 2013, Los Filos gold reserves stood at 2.11 million oz proven and 5.84 million oz probable. Silver reserves totaled 12.16 million oz proven and 42.35 million oz probable. Exploration continues to support the potential for significant new reserves in the current Los Filos open-pit and underground operations as well as in the 4P project adjacent to the pit.

Los Filos is located in the Nukay mining district of central Guerrero, approximately 230 km south of Mexico City. Road access is via Highway 95, a major paved route between Mexico City and Acapulco.

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